President of the Manufacturers Association of Nigeria, Dr. Frank Jacobs, has stated that Nigeria may not move out of recession in 2017, going by the way things are.

Speaking in Abuja on Wednesday, he said government needs to introduce policies and initiatives to control the economy.

FG needed to take steps to shore up the manufacturing sector by ensuring that the concessionary Forex allocation to the sector was effectively implemented.

He said that interest rates needed to be reduced to not more than five per cent and more development banks should be established to provide long-term funding for manufacturers to encourage more investment.